Monday, March 26, 2012

Genting: Poised To Climb Higher Amid An Impending Golden Cross In MACD

Stock to watch: GENTING (RM:11.00 BUY on weakness)

Genting: Poised to climb higher amid an impending golden cross in MACD

Last Friday, Genting ended +26sen to RM11.00 as volume jumped nearly 5 folds to 12.4m shares. The surge was driven by positive expectation of improving Genting Singapore results with the help of the recently-approved junket licenses as it will bring in more customers into the casino, especially from the VIP segment.

In the wake of improving technical readings. Genting is likely to stage a breakout at the downtrend line from the 52-wk high of RM11.78 (29 Apr 11). A strong DTL breakout will spur Genting prices higher from the rectangle consolidation to retest higher resistance near weekly upper channel at RM11.60. Immediate supports are RM10.76 (50-d SMA), RM10.60 (Mar’s low) and Rm10.47 (200-d SMA). Cut loss below RM10.47.

Daily Genting - Poised For A Breakout Above Downtrend Line Near RM11.20
Genting 26-03-2012

Weekly Genting - Likely To Retest Upper Channel Near RM11.60
Genting 26-03-2012a

Source: HLIB Research

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